Three steps banks can take to prevent banking refund fraud
Refund fraud, also known as refund scams and refund abuse, is by no means a new trend. It has, however, evolved; just as consumer behaviors and expectations in the digital marketplace have changed over the years. A type of friendly fraud, refund fraud may appear on the surface as the price that powerful corporations must […]
Return fraud: What to look for and how to prevent it
As we have detailed in previous posts, as worldwide ecommerce sales continue to grow, ecommerce fraud increasing; with Juniper Research predicting global losses to exceed $48 billion by the end of 2023. One such type of fraud is return fraud and abuse. It’s so prolific that the National Retail Federation (NRF) estimates more than $100 […]
How to identify fraud and enhance security measures with behavioral analytics
Barely two months into 2024 security researchers have already identified what is being reported as “the mother of all breaches,” with more than 26 million records hacked worldwide from major brands and entities. Bad actors are growing increasingly more sophisticated and bold in their quest to commit cyber-attacks. The repercussions are devastating, with the cost […]
Account takeover fraud
What is account takeover (ATO) fraud?
A great deal of daily life occurs online, lending itself to a vulnerability to cybercriminals. In a survey by Statista in 2022, nearly half of those surveyed had experienced a cyber-attack and 4 out of 5 board of directors surveyed believed their organization was at risk of a “material cyber-attack.” Sometimes a cyber-attack may be […]
Account Takeover Fraud
Stopping account takeover fraud across the financial services sector
The digitalization of the banking industry is seeing customers engage more and more with online financial services on a global level. With 70% of financial institutions worldwide already reporting losses exceeding $500K in 2022, it’s crucial to understand how digitalization is opening the doors to new and increasingly sophisticated fraud attacks. In fact, recent research […]
5 best practices to preventing ecommerce fraud in 2024
We have detailed the evolution of ecommerce since the pandemic was first declared, an event that accelerated the adoption of online shopping by five years. Once the dust has settled and the figures are in, global ecommerce fraud loss is expected to reach $48B in 2023, with North American merchants bearing the brunt, expected to […]
Address Verification Services
Top 8 features for address verification services
Address verification services (AVS) are necessary in the world of ecommerce. Address verification service providers allow ecommerce businesses to verify the legitimacy of customers by confirming the accuracy of addresses.
Building trust online: 4 things to know about digital trusted identity services
User trust is an underrated factor in cybersecurity for online businesses. A deep understanding of user trust can make the difference between offering customers seamless online experiences and experiences in which they’re constantly treated like a threat. Essentially, all online businesses deal with two parties: trusted users and potential bad actors. Trusted users are users […]
Using data to optimise fraud prevention and customer experience across the payments ecosystem.
As advanced technologies digitally transform the financial services industry, they also accelerate fraud activity and open the door to new, sophisticated fraud attacks. To navigate this ever-evolving fraud landscape, financial institutions need to know how to balance fraud mitigation technology with seamless digital customer experiences. This blog post is inspired by recent panel discussions held […]